Grupo Aeroportuario del Pacifico SAB de CV PAC

IndustrialsTransport InfrastructureMexico

Last close 235.37 USD on Nov 2, 2026, −10.7% year to date

Quant rating

Quant rating B Rank 122 of 418 in Industrials

Growth A 45 of 418
Valuation B 130 of 418
Quality B 145 of 418
Revisions D 314 of 418
Momentum B 73 of 418

Wall Street consensus Buy (2.20)Average target 248.48 USD +5.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 12.0B
Enterprise value: 14.5B
52-week range: 192.84 – 300.41
3-year range: 118.19 – 300.41
Dividend yield: 4.85%
Beta (5 years): 0.91
Shares outstanding: 519M
Next earnings: Feb 22, 2027

About the company

Grupo Aeroportuario del Pacifico SAB de CV is a holding company. The Company holds concessions to operate, maintain and develop approximately 10 international airports in the Pacific and Central regions of Mexico, and an international airport in Jamaica. The Company's segments include Guadalajara, Tijuana, Puerto Vallarta, San Jose del Cabo, Montego Bay, Hermosillo, Bajio, Other Airports and Others Companies. The Other Companies segment includes Servicios a la Infraestructura Aeroportuaria del Pacifico, S.A. de C.V. (SIAP), a company that provides technical assistance and professional services; Corporativo de Servicios Aeroportuarios, S.A. de C.V. (CORSA), a company that provides operative services specialized in aeronautical industry; Puerta Cero Parking, S.A. de C.V. (PCP), a company that manages the parking lot operation; Fundacion Grupo Aeroportuario del Pacifico, A.C., and Desarrollo de Concesiones Aeroportuarias, S.L. (DCA), as well as the Company's own operation.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,300	1,615	1,960	1,406	928	–
Revenue growth	42.4%	−17.6%	39.4%	51.5%	55.4%	31.0%
EPS (basic, normalized)	9.86	9.31	10.83	9.05	5.78	–
EPS growth	5.9%	−14.1%	19.7%	56.6%	–	–
Gross margin	62.9%	64.0%	63.4%	68.5%	66.6%	65.1%
Net margin	23.1%	25.6%	28.7%	32.9%	31.5%	28.4%
ROE	42.7%	40.9%	49.7%	47.5%	29.2%	42.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,325
Current ratio	0.79x
Long-term debt (mil)	2,709
Net debt (mil)	2,603
Total equity (mil)	3,087
Net debt / equity	0.84x
Net debt / EBITDA	2.34x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,300	+42.4%	6.3x	1,111	+18.3%	13.0x	9.86	+5.9%	23.9x
2026	2,411	+4.8%	6.0x	1,302	+17.2%	11.1x	10.97	+11.3%	21.5x
2027	2,692	+11.6%	5.4x	1,545	+18.7%	9.4x	12.68	+15.6%	18.6x
2028	2,855	+6.1%	5.1x	1,715	+11.0%	8.4x	15.18	+19.7%	15.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,411	−10.5%	−5.7%	−5.6%	10.97	+0.2%	−5.4%	−19.5%
2027	2,692	−4.2%	−4.3%	−4.5%	12.68	−7.0%	−7.7%	−25.5%
2028	2,855	−6.1%	−6.2%	−6.4%	15.18	−10.5%	−11.5%	−23.5%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	501	421	435	480	542	559	514	541	648	650
Sales mean (mil)	452	450	406	417	478	508	519	500	543	590
Surprise	+10.8%	−6.4%	+7.0%	+15.0%	+13.2%	+10.0%	−0.8%	+8.2%	+19.2%	+10.1%
EPS reported	2.83	2.54	1.97	2.05	2.67	2.69	2.75	1.85	3.74	2.68
EPS mean	2.64	2.04	2.37	2.21	2.67	2.78	2.80	2.21	3.18	3.49
Surprise	+7.3%	+24.8%	−16.9%	−7.2%	−0.2%	−3.1%	−1.9%	−16.2%	+17.4%	−23.1%

Peer comparison Transport Infrastructure

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PAC Grupo Aeroportuario del Pacifico SAB de CV	12.0B	2.34x	23.1%	8.59x	21.5x	18.6x	11.1x	9.4x
ANYYY Aena SME SA	46.2B	1.42x	34.0%	4.39x	17.5x	16.2x	11.5x	10.6x
MOTV3 Motiva Infraestrutura de Mobilidade S.A.	5.3B	3.22x	15.5%	1.49x	10.6x	9.9x	5.7x	5.3x
AIA Auckland International Airport Limited	8.2B	–	32.3%	1.35x	45.9x	40.1x	22.5x	19.4x
JEXYY Jiangsu Expressway Co Ltd	9.7B	–	21.3%	–	–	–	–	–
FHZN Flughafen Zuerich AG	7.8B	–	25.5%	2.11x	20.7x	23.3x	10.4x	10.5x
Mean		2.33x	25.3%	3.59x	23.2x	21.6x	12.2x	11.0x
Median		2.34x	24.3%	2.11x	20.7x	18.6x	11.1x	10.5x

Technical analysis

1M+17.2%
3M+8.3%
1Y+13.0%
3Y+118.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Grupo Aeroportuario del Pacifico SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,300	1,615	1,960	1,406	928	597
Cost of revenue	854	581	718	443	310	245
Gross profit	1,446	1,034	1,242	963	618	353
Selling, general & administrative expenses	266	169	200	136	85.8	60.3
Research & development	–	–	–	–	–	–
Depreciation/amortization	208	147	150	119	100	101
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.1	−2.0	0	0.7	−0.1	−0.1
Other operating expenses	−4.9	−3.0	−0.9	−2.1	−0.3	−0.5
Operating income	976	723	893	709	432	192
Net interest income (expense)	−190	−138	−139	−76.9	−34.9	−63.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−2.7	−2.5	−1.0	−2.1	−15.3	−8.3
Net income before taxes	784	582	753	630	382	120
Provision for taxes	228	156	181	159	87.2	23.5
Minority interest	−24.2	−12.6	−8.7	−8.8	−2.3	2.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	531	414	563	463	293	99.1
Extraordinary items	–	–	–	–	–	–
Net income	531	414	563	463	293	99.1
EBIT, normalized	977	721	893	710	432	192
EBITDA, normalized	1,185	891	1,070	824	532	293
Basic EPS, normalized	9.86	9.31	10.83	9.05	5.78	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Grupo Aeroportuario del Pacifico SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	581	647	593	635	651	727
Receivables	251	178	207	155	146	118
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	14.3	13.6	8.8	5.8	3.7	3.2
Total current assets	846	839	809	797	800	848
Property, plant & equipment	256	233	271	205	154	109
Goodwill	–	–	–	–	–	–
Intangibles	3,119	2,387	2,314	1,595	1,386	1,293
Long-term investments	0	0.9	9.9	15.0	4.4	0
Note receivable	–	–	–	–	–	–
Other long-term assets	674	462	574	496	356	335
Total assets	4,895	3,922	3,978	3,107	2,700	2,585
Liabilities
Accounts payable	158	113	107	97.3	133	48.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	69.6	44.2	37.5	28.3	17.0	17.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	502	673	463	117	194	134
Other current liabilities	195	152	106	113	112	64.6
Total current liabilities	924	982	713	355	457	265
Long-term debt	2,447	1,634	1,933	1,650	1,169	1,093
Minority interest	131	109	68.6	61.1	55.7	53.3
Other liabilities	145	123	96.6	83.3	77.5	77.2
Total liabilities	3,647	2,849	2,811	2,150	1,759	1,488
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	66.3	57.4	484	421	8.3	311
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,190	979	694	602	1,027	845
Treasury stock	–	–	0	−103	−146	−87.2
Other equity	−8.8	37.2	−10.7	37.0	52.2	28.0
Total equity	1,248	1,073	1,167	957	941	1,097
Total liabilities & shareholders' equity	4,895	3,922	3,978	3,107	2,700	2,585

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Grupo Aeroportuario del Pacifico SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	555	426	572	472	295	96.6
Depreciation, depletion & amortization	208	147	150	119	100	101
Deferred taxes	–	–	–	–	–	–
Non-cash items	485	390	371	271	168	104
Changes in working capital	−235	−162	−271	−218	−21.6	−121
Cash from operations	1,014	801	822	643	542	179
Investing activities
Capital expenditures	−689	−377	−616	−433	−241	−159
Other investing cash flows	7.0	−45.1	−38.2	−2.6	−1.1	−2.9
Cash from investing	−682	−422	−654	−436	−243	−162
Financing activities
Financing cash flow items	−308	−209	−244	−122	−81.0	−70.7
Cash dividends paid	−473	0	−442	−376	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	254	−31.9	404	245	−278	387
Cash from financing	−526	−241	−283	−253	−359	316
Foreign exchange effects	27.0	26.0	−21.8	−3.8	5.6	15.5
Net change in cash	−167	164	−137	−49.4	−54.3	349
Free cash flow	325	424	206	210	300	20.5

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.